Twelve companies permitted to borrow $85.5m from overseas

A government panel yesterday gave permission to 12 companies to receive $85.5 million in overseas loans.
The approval came at a meeting of Board of Investment Scrutiny Committee, Bangladesh Bank said in a statement.
Of the loan recipients, Color City will receive the highest loan amount of $21 million, Raj Lanka Power Company $14 million and Walton Hi-Tech Industries $14.75 million.
The highest interest rate on the loans is 3-month LIBOR plus 4.5 percent a year, according to the
statement.
The committee approved $1.82 billion in foreign loans in fiscal 2013, up from $1.04 billion in fiscal 2012.
The committee officials said at the meeting that many more foreign financing proposals are being processed and considered for approval.